Trump's Diplomatic Shift Slams Oil Prices
Oil prices plummeted on Monday after US President Donald Trump announced that he had called off a planned military strike against Iran, citing fresh negotiations and efforts to reopen the Strait of Hormuz.
Brent crude oil prices fell by more than 7% during early Asian trading, dropping below $84 per barrel. West Texas Intermediate (WTI) crude also declined, slipping below $81 per barrel, as renewed diplomatic efforts between Washington and Tehran reduced fears of an immediate disruption to Middle East oil supplies.
The sharp decline in prices came after Trump's announcement on Sunday, which included his statement that the strike was called off 'on the condition that efforts to quickly reach an agreement related to reopening the Strait of Hormuz move forward.'